ETH - Why Coinbase Ethereum and NEXO Jumped Wednesday
The crypto market was moving higher for most of the day on Wednesday despite the fact that the stock market was moving lower. There wasn't any major news driving token prices upward, but there were small steps toward mainstream crypto adoption. Credit Suisse disclosed in a filing that it held $31 million in "digital assets" for clients last quarter and Binance froze a wallet related to a Russian gun manufacturer, which shows even the biggest exchanges are complying with international sanctions.
As of 1 p.m. ET, shares of Coinbase (NASDAQ: COIN) were up 1.4% for the day after having climbed by as much as 5% in early trading. Ethereum (CRYPTO: ETH) was up 4.2% in the last 24 hours and NEXO (CRYPTO: NEXO) was up by 7.3%.
The biggest news of the day was that crypto lending platform Nexo announced it was authorizing a $50 million buyback plan for its native crypto token. The company authorized a $100 million buyback plan in November; this authorization adds on to that.
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Why Coinbase, Ethereum, and NEXO Jumped Wednesday